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U.S. Bank Takes Flight With New SkyBlue SKYPASS Visa and Korean Air

MINNEAPOLIS, Feb 24, 2004 (BUSINESS WIRE) -- U.S. Bank is taking to the skies to provide its customers a more convenient way to make everyday purchases while earning SKYPASS miles with the new SkyBlue SKYPASS Visa(R) Credit Card. The SkyBlue card will reward customers with miles on Korean Air for every purchase made with the Visa card.

The SKYPASS Visa Credit Cards are the only Visa cards issued in the United States that earn SKYPASS miles. With no annual fee, the SkyBlue SKYPASS card allows customers to earn one mile for every $2 spent while enjoying worldwide acceptance, cash access at more than 805,000 ATMs and the superior benefits of Korean Air. The accumulated SKYPASS miles never expire and can be redeemed for free travel rewards on Korean Air and its SkyTeam partners. The SkyBlue SKYPASS Visa card is in addition to the other SKYPASS Visa cards - Platinum, Classic or Secured for personal use or Business Platinum for business needs.

"Customers can earn rewards everyday when they use the SkyBlue SKYPASS Visa card," said Pat Wesner, executive vice president of U.S. Bank Retail Payment Solutions. "It's really a convenient way for customers to earn the miles they need to meet their travel goals while making purchases that they would traditionally make with a regular credit card. There is no annual fee and the miles never expire, which makes participation easy."

As part of the SkyBlue launch, U.S. Bank and Korean Air are sponsoring the SKYPASS Visa Sweepstakes between February 15, 2004 and June 30, 2004. Entry is automatic for new cardholders who make a minimum qualifying purchase or purchases totaling $25 or more. In addition, all new and current cardholders will receive an entry into the sweepstakes for each dollar charged on their SKYPASS Visa card through June 30, 2004. The winner will receive two round-trip Korean Air business class tickets from the United States to any of the locations worldwide serviced by Korean Air as well as $10,000 in spending money. Complete sweepstakes rules are available at skypassvisa.com/sw2004 (1).

Customers can pick up a SkyBlue SKYPASS Visa application at any U.S. Bank branch and Korean Air ticket office and airport locations. They can also apply by phone at 1-866-SKYPASS, ext. 3045 or go to skypassvisa.com/sb115.

Korean Air, with a fleet of 117 aircraft, is one of the world's top 20 airlines and operates almost 400 flights per day to 85 cities in 29 countries. Korean Air is a founding member of SkyTeam, the global alliance partnering AeroMexico, Air France, Alitalia, CSA Czech Airlines and Delta. For more information on Korean Air, please visit www.koreanair.com.

U.S. Bancorp, with assets in excess of $189 billion, is the 8th largest financial services holding company in the United States. The company operates 2,243 banking offices and 4,425 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

(1) No purchase necessary. Sweepstakes open to legal US residents 18+. Sweepstakes ends 6/30/04. Void where prohibited.


CONTACT:          U.S. Bank
                  Teri Charest, 612-303-0732
                  Steve Dale, 612-303-0784

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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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